Newswire – Tax Tips

IRS Tax Return Audit Rates Plummet
Audit rates for taxpayers with incomes between $200,000 and $500,000 dropped the most—by 92%.... Read more
Published on: 1969-12-31
Source: Tax
Where Not To Die In 2022: The Greediest Death Tax States
While few individuals need to plan around the federal estate tax, state death taxes kick in at much lower dollar levels, often making it a middle class problem.... Read more
Published on: 1969-12-31
Source: Tax
Taxes: What to Do if You Haven't Filed
If you missed the April 18 deadline to file your taxes and didn't request an extension (or receive one automatically), the IRS offers simple advice—file now. The sooner you file, the less you will pay in penalties and interest.... Read more
Published on: 1969-12-31
Source: Tax
7 Ways To Make The Best Use Of Your Tax Refund
Did you get a tax refund for 2021? The average is about $3,000 this year. No matter how much you got, the key is to make the best use of it. Here are some options to consider in general order of priority:... Read more
Published on: 1969-12-31
Source: Tax
3 Common Mistakes To Avoid This Tax Season
It’s the middle of every American’s favorite time of the year … to hate: tax season. Here are three of the most common tax season mistakes you don’t want to make:... Read more
Published on: 1969-12-31
Source: Tax
Avoid The Gift Tax Return Trap
You might need to file a gift tax return, even when you don't owe gift or estate taxes.... Read more
Published on: 1969-12-31
Source: Tax
How To Minimize Taxes When You Inherit An IRA
Over the next twenty-five years, Americans are expected to inherit an astonishing $72.6 trillion. Yes, that is TRILLION with a T. How you handle your inherited IRA can greatly increase or decrease the taxes due and, ultimately, the value of your inheritance.... Read more
Published on: 1969-12-31
Source: Tax
IRS Offers Face-to-face Help on Four Saturdays
The IRS is offering extra in-person help for taxpayers in a complicated tax year - here's where to go, when, and what to bring... Read more
Published on: 1969-12-31
Source: Tax
Why Your Tax Professional Isn’t Returning Your Calls
Why aren’t tax professionals returning their clients’ calls? Maybe they are, just not in the way clients expect. Most clients grossly underestimate the sheer volume of client calls and e-mails tax professionals receive during filing season.... Read more
Published on: 1969-12-31
Source: Tax
Jeopardy Champ Amy Schneider Faces Big Taxes On 40 Wins
Amy Schneider boosted Jeopardy! viewership and maybe even popularized the donning of pearls too. Her winnings of $1,382,800 puts her in fourth place all-time. Here's Forbes' estimate of how much tax she will have to pay on those winnings.... Read more
Published on: 1969-12-31
Source: Tax
IRS Forms 1099 Arrive With Tax Dangers Galore
Incorrect Forms 1099 happen, so check your forms carefully and notify the payor of the error so they can issue a corrected Form 1099. A corrected Form 1099 will supersede the incorrect one. Unfortunately, there are many judgment calls companies have to make when issuing these forms.... Read more
Published on: 1969-12-31
Source: Tax
3 Steps to Make 2022 Your Best Tax Year Yet
The new year is here, which means tax season is right around the corner.... Read more
Published on: 1969-12-31
Source: Tax
Rich Americans Find Tax Gap Hard to Ignore With SALT Debate Raging
For America's wealthy, the tax gap between states is getting more difficult to ignore. Republican-run states are cutting levies on the wealthy, while Democratic strongholds like New York and New Jersey are raising rates.... Read more
Published on: 1969-12-31
Source: Tax
Here’s What Families Are Actually Using the Child Tax Credit to Pay For
Parents and caregivers have put the money toward debt and household expenses, U.S. Census Bureau surveys have found.... Read more
Published on: 1969-12-31
Source: Tax
Rich Americans Find Tax Gap Hard to Ignore With SALT Debate Raging
For America's wealthy, the tax gap between states is getting more difficult to ignore. Republican-run states are cutting levies on the wealthy, while Democratic strongholds like New York and New Jersey are raising rates.... Read more
Published on: 1969-12-31
Source: Tax
6 End Of Year Tax Planning Tips For 2021
Thinking about your taxes before it's time to file will allow you to make the most of the deductions so you can minimize your tax burden. With President Biden's proposed tax changes in mind, here are 6 year-end tax planning tips to consider to reduce your tax obligations in the... Read more
Published on: 1969-12-31
Source: Tax
Uncover The Hidden Dollars Of Your Tax Return
Thanksgiving ushers in the holiday season, and it also signals the time to make end-of-year tax changes that could benefit you in the upcoming year.... Read more
Published on: 1969-12-31
Source: Tax
What's In Democrats' $1.8 Trillion Plan? Free Preschool, Child Tax Credit Expansion, $1.5 Trillion In New Taxes And More
After months of tense negotiations among Democrats, the House-passed bill now faces an uncertain fate in the Senate.... Read more
Published on: 1969-12-31
Source: Tax